29th Apr 2026 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
London, 29 April 2026
Full Year Results for the Year Ended 31 December 2025
Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together with its subsidiaries, the "Group"), an independent energy company with gas processing infrastructure and export hub in north-west Kazakhstan, is pleased to announce its results for the twelve months ended 31 December 2025 ("FY 2025"), together with the publication of its 2025 Annual Report.
Viktor Gladun, Chief Executive Officer of Nostrum Oil & Gas PLC, commented:
"2025 was a year of disciplined transformation for Nostrum amid a challenging macroeconomic backdrop. We maintained LTI-free operations and continued to strengthen our safety culture, governance framework and internal controls, while further developing the capabilities of our people. Financial performance remained resilient, supported by third-party processing volumes and cost discipline, despite lower commodity prices and natural production decline at the Chinarevskoye field.
During the year, we also advanced a focused review of our strategic and capital allocation priorities across the Group's asset base, including our development options at the Chinarevskoye and Stepnoy Leopard fields. At the same time, we continued to preserve liquidity, improve operational efficiency and engage constructively with stakeholders on the extension of our debt maturity profile.
Looking ahead, our priorities remain clear: safe and reliable operations, financial resilience, and disciplined execution of our strategic objectives to support long-term value creation."
FY 2025 Highlights:
Financial
· Revenue was US$118.0 million (FY 2024: US$137.1 million). The decrease is a combined result of a natural production decline at the Chinarevskoye field (approximately 21% decrease in production) and a 14.3% decrease in the average Brent crude oil price (US$69.1/bbl in FY 2025 vs US$80.6/bbl in FY 2024). However, this was partially offset by increase in feedstock from Ural Oil & Gas LLP ("Ural O&G") and the related titled and processed volumes.
· EBITDA1 of US$37.6 million (FY 2024: 48.9 million) and an EBITDA margin of 31.9% (FY 2024: 35.7%).
· The Group generated US$29.9 million of operating cash flow before one-off items (FY 2024: US$33.1 million). After limited capital expenditures on the Chinarevskoye and Stepnoy Leopard fields and one-off payments under the management incentive plan, the Group's unrestricted cash and cash equivalents balance reduced by US$7.1 million during FY 2025.
· The unrestricted cash and cash equivalents balance was US$143.3 million as at 31 December 2025 (31 December 2024: US$150.4 million). The Group's restricted cash balance (debt service retention account ("DSRA") and asset liquidation fund) was US$26.6 million as at 31 December 2025 (31 December 2024: US$25.9 million).
· Net debt2 was US$541.5 million as at 31 December 2025 (31 December 2024: US$404.4 million). The Group's net debt increased mainly due to US$57.5 million payment-in-kind interest capitalised on its Senior Unsecured Notes (SUNs), US$16.8 million accrued cash coupon and a US$66.0 million amortisation of the fair value adjustment. The increase was partially offset by the cancellation of US$5,628,000 Senior Secured Notes (SSNs) and US$9,629,836 SUNs in April 2025, pursuant to the terms of the holding period trust deed dated 9 February 2023.
· The accrued interest on the Group's Notes, which was due for payment on 30 June 2025 and 31 December 2025, remains outstanding as a result of the continuing payment administration issue which currently does not permit the Group to make payments on the Notes through the clearing systems. The Group has applied for the applicable regulatory licences to make such payment. The delay in the coupon payments does not reflect any issue of the Group's Issuer's solvency or liquidity. All underlying funds for making the interest payments are available and secured. For further details please refer to the Company's press releases dated 10 July, 22 July, 30 July, 2 September, 16 September, 24 September, 6 October 2025 and 2 January 2026.
· The Group remains focused on maximising facility uptime, controlling costs wherever possible and improving efficiencies across the business. At the same time, capital allocation remains disciplined and focused on preserving liquidity while assessing development opportunities across the asset base.
Operational
Production and sales
· A 23.3% increase in average daily processed volumes (i.e. Chinarevskoye and Ural O&G feedstock, including condensate tolling) to 24,431 boepd in FY 2025 (FY 2024: 19,831 boepd). This includes a 12.9% increase in average daily titled production volumes (i.e. Chinarevskoye production and dry gas and LPG produced from Ural O&G feedstock) to 16,867 boepd in FY 2025 (FY 2024: 14,935 boepd). These increases were achieved through continuing to process the ramping up feedstock from Ural O&G and managing the expected decline in Chinarevskoye production through well workovers.
· The split of the titled production volumes (i.e. Chinarevskoye production and dry gas and LPG produced from Ural O&G feedstock) was as follows:
Products | FY 2025 volumes (boepd) | FY 2024 volumes (boepd) | Y-on-Y change (%) |
| FY 2025 product mix (%) | FY 2024 product mix (%) |
Crude Oil | 2,343 | 2,536 | (7.6)% | 13.9% | 17.0% | |
Stabilised Condensate | 1,664 | 1,897 | (12.3)% | 9.9% | 12.7% | |
LPG (Liquid Petroleum Gas) | 3,162 | 2,537 | 24.6% | 18.7% | 17.0% | |
Dry Gas | 9,698 | 7,965 | 21.8% | 57.5% | 53.3% | |
Total | 16,867 | 14,935 | 12.9% |
| 100.0% | 100.0% |
*Stabilised condensate volumes exclude Ural O&G processed volumes for which Nostrum receives a tolling fee
· There was a 16.2% increase in average daily sales volumes to 15,146 boepd in FY 2025 (FY 2024: 13,038 boepd), reflecting higher titled production. The difference between titled production and sales volumes was primarily due to the internal consumption of dry gas produced and the timing of product deliveries, which may lead to inventory increases or decreases at period end.
Chinarevskoye drilling and workover programme
The Company's Chinarevskoye limited-scale drilling programme for 2025 targeted the most economic subsurface opportunities while also ensuring compliance with license obligations.
On 13 October 2025, the Company successfully completed drilling operations on well 116_1 within the planned timetable and at a lower-than-budgeted cost. After perforation, stimulation and flowline tie-in, the well was brought on production on 21 November 2025, achieving initial production rates in line with management's expectations. In parallel, during the year the Company continued to carry out targeted well workovers to minimise production decline and support operational efficiency.
A comprehensive review and assessment of potential well workovers and new drilling prospects is underway.
Stepnoy Leopard Fields
A comprehensive review of the overall development strategy for the Stepnoy Leopard Fields is underway, considering project economics, infrastructure access, sales delivery points, compliance with regulatory and license requirements and capital allocation priorities.
Processing of Ural O&G products
Throughout FY 2025, the Company continued processing raw gas and condensate volumes from Ural O&G, resulting in increases in titled production and processed volumes. As announced on 21 March 2025, the Company signed a new agreement with Ural O&G, extending third-party hydrocarbon processing terms through May 2031, supporting stable processing cash flows, efficient utilisation of the Group's facilities, and phased development of the Rozhkovskoye field.
HSE and ESG
· Zero fatalities among employees and contractors during operations in 2025 (2024: zero).
· Total Recordable Incidents Rate (incidents per million man-hours) of 0.92 in 2025 (2024:0.63).
· Zero Lost Time Injury (incidents per million man-hours) in 2025 (2024: zero)
· 4,047 tonnes of air emissions emitted in 2025 against 5,200 tonnes permitted for 2025 under the Kazakhstan Environmental Code.
· The safety of employees and contractors, together with a commitment to responsible operations, remains the Group's priority.
2026 production guidance
Average daily production for the Chinarevskoye field in 2026 is currently expected to be in the range of 5,000 boepd to 6,000 boepd.
Results materials for FY 2025
The Company's results materials will be available to download on Nostrum's website.
Download: 2025 Annual Report
Notes to press release
1 EBITDA is a non-IFRS measure and is defined as profit / loss before tax and depreciation, depletion and amortisation, share-based compensation, foreign exchange gains / losses, finance costs, interest income, other income, other expenses, and one-off items.
2 Net debt is defined as total debt (notes payable and accumulated interest) less cash and cash equivalents and DSRA.
LEI: 2138007VWEP4MM3J8B29
Further information
For further information please visit www.nostrumoilandgas.com
Further enquiries
Nostrum Oil & Gas PLC
Elena Zhuravleva
Chief Financial Officer
TEAM LEWIS
Galyna Kulachek
+ 44 (0) 20 7802 2664
About Nostrum Oil & Gas
Nostrum Oil & Gas PLC is an independent energy company with gas processing infrastructure and an export hub in north-west Kazakhstan. Its shares are listed on the London Stock Exchange (ticker symbol: NOG). The principal producing asset of Nostrum Oil & Gas PLC is the Chinarevskoye field which is operated by its wholly-owned subsidiary Zhaikmunai LLP, which is the sole holder of the subsoil use rights with respect to the development of the Chinarevskoye field. The Company also owns an 80% interest in Positiv Invest LLP, which holds the subsoil use rights for the "Kamenskoe" and "Kamensko-Teplovsko-Tokarevskoe" areas in the West Kazakhstan region (the Stepnoy Leopard fields).
Forward-Looking Statements
Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to various matters. When used in this document, the words "expects", "believes", "anticipates", "plans", "may", "will", "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises nor guarantees and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements.
No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by the relevant listing rules and applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
Related Shares:
Nostrum Oil&gas